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NYLIFE Securities
MainStay Mutual Funds
Retirement Plan Services

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New York Life Insurance
Whole Life
New York Life Insurance
Term Life

The basics

Whole Life

Guaranteed lifetime protection and access to cash value that's guaranteed to grow.

Term Life

Coverage for temporary needs with options that allow you to prepare for the future.

Length of coverage

Whole Life

Guaranteed lifetime protection as long as your premiums are paid.

Term Life

A set period of time, usually 10 to 20 years.

How you pay

Whole Life

Premiums are guaranteed never to increase, and there are options for how often and how long you pay—monthly, quarterly, or yearly.

Term Life

Pay premiums for as long as your coverage lasts. With many policies, premiums are locked in for a set period, and may be less expensive than whole life premiums during that period.

Cash value and growth

Whole Life

Guaranteed cash value growth that can be accessed when needed and may increase through dividends, when paid. These benefits accrue tax deferred, allowing you to maximize your savings.

Term Life

None.

Life insurance benefits

Whole Life

Death benefits can be transferred to beneficiaries tax free.

Term Life

Death benefits can be transferred to beneficiaries tax free.

The guarantees of a whole life policy are based on the claims-paying ability of the issuer.

Configure a plan that aligns with your needs

Now that you've seen a comparison, you can start to think about building a plan that aligns with your needs. Consider a combination of whole life and term life, rather than one or the other. It can be helpful to talk to a financial professional for some expert guidance when making decisions on the features available.